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An ESS Inc battery.
Photo courtesy ESS Inc

ESS is trying to solve a critical problem with renewable energy: How to store energy from wind and solar installations when the wind isn’t blowing and the sun isn’t shining.

The company’s proposed solution is a long-duration energy storage batteries made of iron, salt and water, which are much cheaper and more readily available than the elements used in batteries today, like lithium and cobalt. Its early momentum attracted $57 million in investments from powerful backers like Bill Gates and Softbank, CEO Eric Dresselhuys told CNBC.

On Monday, it hits another milestone, going public via SPAC to begin trading on the New York Stock Exchange on Monday under the ticker symbol GWH. It hopes to raise $308 million through the deal.

“There have been very few solutions for this long duration up until now, and it’s largely driven from the fact that we didn’t rely on energy storage as a major solution for hardening the system,” said Dresselhuys, who became the CEO of ESS this year after decades of energy and technology executive experience.

The company launched in the garage of co-founders Craig Evans and Julia Song in Portland, Ore., in 2011 (they’re a married couple, in addition to being business partners), then moved to the Portland State Business Accelerator before expanding to its current 200,000-square-foot headquarters.

The company is backed by Bill Gates’ clean energy investment firm Breakthrough Energy Ventures, SB Energy (a wholly owned subsidiary of SoftBank) and multinational chemical company BASF, among other investors. The SPAC comes through a reverse merger with ACON S2 Acquisition Corp., run out of private equity firm Acon Investments.

ESS has not recorded any revenue yet, according to financial filings dated Sept. 8, but Dresselhuys says it has shipped product to customers, including TerraSol Energies in Pennsylvania and Siemens-Gamesa in Denmark; investor documents claim several other unnamed utilities as customers also. Also, ESS has orders in the pipeline from SB Energy and Enel Green Power España.

The company lost $245.3 million in the first six months of 2021, but only $18.4 million were operating losses (the remainder was due to losses on reevaluations of warrant and derivative liabilities). Operating losses were $17.4 million for 2021, and it expects to record its first profit in 2023.

Iron, salt and water: Safe, readily available materials

The big breakthrough for ESS is a long-duration battery built from readily available materials, explained Carmichael Roberts, a co-chair of the investment committee at Breakthrough Energy Ventures In a battery, the electrolyte is the liquid medium that connects the two ends of a battery, the anode and the cathode.

“The flow battery is cheaper, safer and has better operational life than conventional lithium-ion storage,” Roberts said.

Making a battery out of iron, salt and water means “there’s no toxicity, the technology we build doesn’t start fires or doesn’t blow up in fire,” said Dresselhuys.

Also, ESS batteries do not have lithium or cobalt, two common elements in batteries that are being impacted by supply chain crunches.

“Both are in potentially short supply globally and none are produced in the U.S.,” said Jesse Jenkins, an assistant professor at Princeton University who specializes in the energy grid.

“Lithium is less of an issue in the long run, as long as we recycle lithium ion batteries, but there may be some short-run price increases as production ramps up to match battery demand for EVs,” Jenkins said.

“Cobalt is a bit trickier and has come under fire for some of the supply chain relying on quote unquote ‘artisanal mines’ in Africa, which employ forced labor, and child labor in some cases, with people digging out cobalt by hand and very, very harsh conditions,” Jenkins said.

Neither does ESS use vanadium, a chemical element used in some flow battery technology. While promising, Dresselhuys says it’s too expensive to be meaningful.

“It’s one thing to make something work, and that can be very difficult. But it has to work cost effectively to be viable as a system because of the scale we’re talking about,” he said.

How the battery works: ‘The elegance is the simplicity’

Visualize a sandwich, said ESS’s business development lead, Hugh McDermott. The ESS battery technology is a stack of carbon plates with salt water with iron flowing through each layer.

Iron comes out of the salt water solution and sticks to one side of the plates. When the polarity of the plates is changed, the iron dissolves back into the water solution.

From a battery management control system, the flow of the ions can be switched, thereby also switching the flow of electricity onto and off the grid.

ESS Inc’s iron flow battery “stack.”
Image courtesy ESS Inc.

The idea of a iron flow battery has been around since the 1970s, Dresselhuys said. But there were technical issues that scientists hadn’t solved.

For example, early iterations of the iron flow battery technology would work for a while, but the electrolyte fluid would become imbalanced, build up on the battery, and the battery would become ineffective over time. To fix this, ESS developed a proton pump, which Dresselhuys says “allows the system to keep itself in balance throughout all of those charges and discharges so that the electrolyte is entirely clean.”

Early research was funded in part by almost $3 million dollars in grant funding from the Department of Energy’s ARPA-E program, as well as individuals and local investment funds.

“The elegance is the simplicity,” said Rich Hossfeld, co-CEO at SB Energy and a board member at ESS. (SB Energy is not only an investor, but also a customer.)

But it took a lot of research and development to get a simple solution to work. ESS has been working on research and development for a decade. The proton pump was a really key breakthrough for the company, but one of many.

“There’s a very large intellectual property moat around the core technology and that will make it very difficult for other competitors to build a battery that is similar to ESS’ battery,” Hossfeld told CNBC.

An ESS Inc battery
Photo courtesy ESS Inc

Another long duration battery being developed by Form Energy also uses iron and also is backed by Breakthrough Energy Ventures. Form, however, is developing iron-air batteries, which uses different technology and aims to provide energy storage for multiple days.

ESS batteries can store energy for 4 to 12 hours, whereas the lithium batteries in cars are typically capped between two and four hours, Dresselhuys said.

To go above four hours of energy storage with lithium-ion batteries requires increasing the number of lithium-ion cells, Hossfeld told CNBC. ESS, on the other hand, can just add more water, iron and salt to a bigger tank of its stack-sandwiches.

“The way to think about ESS cost-wise is they are cost parity with lithium ion at four hours, and about half the cost above that, which we think creates a big advantage for them,” Hossfeld told CNBC.

Another key to the ESS iron-flow technology is its resilience.

“Capacity stays the same between year one and year 20,” Hossfeld said. Anyone who has a cellphone knows that is not the case for lithium-ion batteries. “You open it up, it comes out of the case, right now it will give you 10 hours. We all know it doesn’t give you 10 hours in a year, right?”

Energy centers are co-located with a wind or solar farm, allowing the batteries to charge up during the day when the sun is shining and then discharge in the late afternoon when there is typically a bump in energy demand.

SB Energy’s first installation of ESS Inc batteries in Davis, Calif. SB Energy is an investor in ESS and also a customer. These are batteries SB Energy purchased.
Photo courtesy SB Energy

Similarly with wind. “You can store four, eight, 10 hours of wind plants in the middle of the night and then discharge it during the day as needed,” Hossfeld told CNBC. “We look at ESS as a really good complement to that daily cycling between wind and solar.”

The Energy Warehouse, the only ESS product that exists so far, is the size of a shipping container, 40 feet long and 8 feet wide.

“That container holds 500 kilowatt hours of energy. That’s roughly the energy that you would need to power 20 to 30 homes, depending on where you are in the country,” McDermott told CNBC.

Four ESS Inc batteries
photo courtesy ESS Inc

ESS is also building a product called Energy Centers intended for utilities and independent power producers — for instance, businesses that own large solar farms who then sell that power to the grid.

For these kinds of larger customers, ESS will use similar battery technology, but the battery modules will be contained together in a building. Customer trials are expected to begin in 2022.

The big challenge: Getting an iron flow battery to scale

While iron-based batteries are a well-known technology, the big challenge has been getting them to scale.

“Iron based chemistries for flow batteries have a long and storied history, rightfully so because in theory they have some of the lowest theoretical costs possible. On paper these systems scale quite well,” explained Dan Steingart, Associate Professor of Chemical Metallurgy at Columbia University

But the reality has been quite different.

“We have not seen widespread adoption of this class of batteries and its cousins because of last-mile engineering challenges that have in the past added unacceptable capital and operating costs when compared to other available technologies,” Steingart told CNBC.

Flow batteries depend on pumps and membranes that are highly technical. “Think a kidney, writ very large, working 10,000 times harder than it has to, all the time,” he said. “It has been very difficult to have these, in practice, operate in a reliable manner without significant ancillary systems (that make the system more expensive upfront) or maintenance calls (which increase running costs).”‘

That said, Steingart notes the “sufficient capital” ESS has raised to validate its solutions to these challenges.

Also, ESS in September secured a 10-year battery warranty backed by the insurance giant Munich Re, which “is a strong signal of a positive outcome,” Steingart told CNBC.

Cost is another conern.

“The iron flow battery technology looks very promising as it is safe, environmentally friendly, uses non-toxic materials that can be sourced in the US, and doesn’t degrade over time and over multiple cycles,” Jan Pepper, the CEO of Peninsula Clean Energy, told CNBC.

Peninsula Clean Energy, a community energy buyer and the official power provider for San Mateo County in Calif., has not worked with ESS directly, but it’s trying to deliver cost-competitive 100% renewable energy on a 24/7 basis by 2025. Pepper knows that energy storage will help meet those goals.

“The current challenge with iron flow batteries is the cost,” Pepper said. “If companies like ESS can bring the cost down for their technology, then they and others will be able to make a meaningful impact in decarbonization efforts and help organizations like Peninsula Clean Energy meet our ambitious goals.” 

As Steingart told CNBC, “A goal I use is in my lab for long duration energy storage: The battery has to cost about the same price as dog food per pound and last forever with little intervention.”

That said, if ESS can do what its investors think it can, “the successful execution of this chemistry would be a significant milestone for grid scale energy storage,” Steingart told CNBC.

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CNBC Daily Open: Most people don’t start a political party after separation

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CNBC Daily Open: Most people don't start a political party after separation

US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025.

Francis Chung | Bloomberg | Getty Images

When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

Trump confirms tariffs will kick in Aug. 1. That postpones the deadline by a month, but tariffs could “boomerang” back to April levels for countries without deals. Trump on Friday said letters with “take it or leave it” offers will go out to 12 countries Monday.

U.S. stock futures slipped Sunday. Despite the White House pushing back the return of “reciprocal” tariffs, some investors could be worried trade negotiations would result in higher-than-expected duties. Europe’s Stoxx 600 index dropped 0.48% Friday.

OPEC+ members to increase oil output. Eight members of the alliance agreed on Saturday to hike their collective crude production by 548,000 barrels per day, around 100,000 more than expected.

Elon Musk forms a new political party. On Saturday, the world’s richest man said he has formed a new U.S. political party named the “American Party,” which he claims will give Americans “back your freedom.”

[PRO] Wall Street is growing cautious on European equities. As investors seek shelter from tumult in U.S., the Stoxx 600 index has risen 6.6% year to date. Analysts, however, think the foundations of that growth could be shaky.

And finally…

Ayrton Senna driving the Marlboro McLaren during the Belgian Grand Prix in 1992.

Pascal Rondeau | Hulton Archive | Getty Images

The CEO mindset is shifting. It’s no longer all about winning

https://www.cnbc.com/2025/07/06/the-ceo-mindset-is-shifting-its-no-longer-all-about-winning.html

CEOs today aren’t just steering companies — they’re navigating a minefield. From geopolitical shocks and economic volatility to rapid shifts in tech and consumer behavior, the playbook for leadership is being rewritten in real time.

In an exclusive interview with CNBC earlier this week, McLaren Racing CEO Zak Brown outlined a leadership approach centered on urgency, momentum and learning from failure. 

— Spriha Srivastava

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Honda now has an electric Ruckus. Will they bring it to the US?

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Honda now has an electric Ruckus. Will they bring it to the US?

The Honda Ruckus has earned cult status thanks to its minimalist styling, exposed frame, and seemingly endless customizability. The scooter, also known in international markets as the Honda Zoomer, has spent years being seen as a blank canvas for scooter tuners, urban commuters, and anyone who just wanted something simple, small, and kind of weird to zip around town. A few years ago, Honda finally answered the call for an updated version by announcing and producing the “Zoomer e:”, which was an electric version of the Honda Ruckus. So where is it?

When Honda launched the all-electric version of the Ruckus, the Zoomer e:, back in 2023, many fans hoped it was only a matter of time before we saw it quietly glide onto U.S. streets.

But two years later, there’s still no sign of a stateside release, and no indication that Honda plans to change that anytime soon.

The Zoomer e: was first introduced in China in early 2023 alongside two other retro-inspired electrics: the Cub e: and Dax e:.

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The Zoomer e: keeps the stripped-down, industrial look of the classic gas-powered Ruckus, but swaps the 49cc engine for a 400W rear hub motor and a 48V 24Ah battery (around 1.15 kWh).

It was originally given a top speed of a mere 25 km/h (15.5 mph) to keep it street legal as an electric bicycle in its first market of China, where it also came with functional but stubby pedals so riders could pretend it was actually pedalable.

The first version of the electric scooter claimed a range of up to 80–90 km (50–56 miles) from its removable lithium-ion battery, depending on conditions.

An advertisement for a Honda Zoomer e: in the Philippines via Facebook

We’ve since seen the performance bumped up to 40 km/h (25 mph) top speeds when the scooter was introduced into the Philippines market, where the local L1B classification allowed for higher speeds. It’s fairly obvious that the performance can be software-tweaked by Honda depending on the market, though likely to a limit. To achieve speeds much higher than 25 mph, a motor and controller swap may be required, though neither would be complicated.

In other words, the electric Ruckus’ debut revealed an ultra-lightweight, street-legal runabout designed for countries with expansive low-speed e-bike laws. But in the U.S., these types of quasi-e-bikes that are actually scooters are few and far between. The same performance can be had from a $1,000 electric bicycle, and in fact, Class 3 e-bikes in the US can go nearly twice as fast as the original electric Ruckus.

So Honda obviously hasn’t been in a rush to bring its low-spec version of the bike to the US market, where it would be a slower and heavier competitor to the wide range of cheap imported electric bicycles. However, its iconic design and cultural legacy have kept enthusiasm up for riders who have managed to privately import their own models. One Redditor appears to have imported two Honda Zoomer e: models in parts to assemble in the US, while someone else posted a YouTube video of his completely assembled Honda Dax e: model that was launched along the Zoomer e:.

Despite clear consumer interest and a growing market for low-speed electric vehicles, as well as Honda’s own proven interest in growing its electric scooter market, the company hasn’t made any moves to release the Zoomer e: in the US. That’s not surprising since America still lacks a robust electric scooter culture (or even a gasoline scooter culture, for that matter), and anything motorcycle-shaped that doesn’t hit 30+ mph tends to get passed over by mainstream buyers.

But perhaps that could change one day. Technically, bringing the Zoomer e: to the US wouldn’t be a monumental task for Honda. The U.S. is a self-certify country, meaning Honda could design a version that meets federal vehicle safety standards, beef up the motor and controller for higher speeds, and sell it as either a Class 2/3 e-bike, or perhaps more appropriately, as a low-speed motorcycle with a top speed in the 35-45 mph range (55-70 km/h).

With the rise of micromobility, electrification, and growing frustration with car-centric cities, now might actually be the perfect time for a reborn electric Ruckus to hit US roads. But until Honda decides to take that step, American riders will have to keep dreaming – or start importing.

A private import of a Honda Zoomer e: to the US

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BMW ups the ante with the fastest, most powerful electric maxi-scooter

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BMW ups the ante with the fastest, most powerful electric maxi-scooter

BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.

The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.

The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.

But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.

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The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.

There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.

BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.

With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.

Electrek’s Take

I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.

Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.

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